APhe independent directors of Ltd (FRL) are "hoping" that the Competition Commission of India () would reopen the case pertaining to Amazon's investment in FRL's promoter firm, which is at the heart of an ongoing dispute between the US-based ecommerce giant and the Future Group over the proposed sale of FRL's assets to Retail.
"We are hoping the CCI will ask Amazon to resubmit the proposal of their investment into FCPL (Future Coupons Pvt Ltd) and through FCPL into FRL," said Ravindra Dhariwal, an independent director at FRL. "We are asking they reopen it, hear it and understand it and then take a view whether that is competitively kosher or not kosher."
He said also FRL has given a one-time restructuring proposal to banks, telling them that the company will sell all its small stores and raise Rs 3,000 crore in equity if the Reliance Retail deal doesn't go through.
Dhariwal was talking to ET two days after the independent directors of the company wrote to the CCI, accusing Amazon of violating India's foreign direct investments and foreign exchange rules. They alleged that the US ecommerce company had "concealed facts" and made "misrepresentation" and "false representations" while seeking the competition authority's approval for its 2019 investment into FRL's promoter company.
"We are hoping the CCI will ask Amazon to resubmit the proposal of their investment into FCPL (Future Coupons Pvt Ltd) and through FCPL into FRL," said Ravindra Dhariwal, an independent director at FRL. "We are asking they reopen it, hear it and understand it and then take a view whether that is competitively kosher or not kosher."
He said also FRL has given a one-time restructuring proposal to banks, telling them that the company will sell all its small stores and raise Rs 3,000 crore in equity if the Reliance Retail deal doesn't go through.
Dhariwal was talking to ET two days after the independent directors of the company wrote to the CCI, accusing Amazon of violating India's foreign direct investments and foreign exchange rules. They alleged that the US ecommerce company had "concealed facts" and made "misrepresentation" and "false representations" while seeking the competition authority's approval for its 2019 investment into FRL's promoter company.
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